ASB international transfer: Fees, rates, and transfer time

If you’re an ASB customer planning to send money abroad, it’s worth understanding exactly how international transfers work, what they cost, and how long they take. That way you can determine if ASB offers the best value for your money.

In this guide, we’ll cover exactly that, letting you know about ASB’s international transfer fees, exchange rates, and how the process works from start to finish. We’ll also compare ASB to Wise, so you can see how the rates and fees stack up when sending money overseas from New Zealand.

Can I make an international transfer with ASB?

Using an ASB bank account you can send and receive money between New Zealand and various destinations overseas.¹ It’s available to personal and business customers, with their FastNet Classic internet banking being the most convenient method for transferring the funds.

How to make International transfers with ASB

Sending and receiving money abroad with ASB is relatively simple, but avoiding mistakes is key to ensuring a seamless transfer. Let’s take a look at the steps you should take for inbound and outbound transfers.

Sending money abroad with ASB

To send money abroad with ASB you should start by making sure you have all of the required information. You will need to know the recipients:

• Full name and address
• Account number or IBAN
• Bank name, address and SWIFT Code

When you're ready to make the transfer, log into your FastNet Classic internet banking and follow these steps.²

1. Select ‘Foreign Exchange’
2. Press ‘International Transfers’
3. Choose ‘Make Transfer’
4. Enter the SWIFT code or search for the recipients bank

From there simply follow the prompts to input the recipients information and amount being transferred, before confirming to complete the transfer.

Receiving money from abroad with ASB

To receive a payment from abroad into your ASB account, you need to provide the sender with this information.¹

• Your account name
• Account number for either your ASB NZD account or ASB foreign currency account
• IBAN, BSB, SWIFT code or Sort code if needed
• Bank name and address

You can find the SWIFT code and bank address on the ASB website. Whether you need to provide an IBAN, BSB, SWIFT code or Sort code will depend on the sender.

ASB international transfer fees

When you send or receive money overseas with ASB, there are some fees to be aware of. These along with the exchange rate contribute to the overall cost of the transaction.

Fees to send money

The fees to send money abroad are based on how the transfer is initiated.¹

There is also a $30 flat fee if the transfer needs to be traced, amended or cancelled.

Other bank fees

With ASB you can choose to cover any fees charged by the other bank, to ensure your recipient receives the full amount.

If you opt to pay for any fees charged by the other bank, that amount will be charged to your account one business day after the payment is sent. On top of that, ASB charges their own fee for facilitating this service, which varies depending on the bank and currency.¹

Fees to receive money

ASB may charge a fee of 15 NZD to receive a payment, if it’s settled to an NZD account. This fee is waived if the payment is worth 100 NZD or less. It doesn’t apply if the funds are being sent to a multi-currency account that supports the currency being sent.

ASB’s exchange rate

When it comes to their exchange rates, ASB says they’re competitive.¹ While this sounds good, it doesn’t make it clear whether there’s a margin or not.

One way to determine whether a margin has been applied to an exchange rate is to compare it to the mid-market exchange rate.

The mid-market exchange rate sits right in between the buy and sell prices on the international currency market, making it the fairest way to decide the exchange rate. It’s also the exchange rate used by Wise, with it being updated in real-time when the market is open.

Money transfer comparison: ASB vs Wise

To give you a better idea of the value you get when sending money with ASB, here’s how it compares with Wise when you send 1000 NZD to an AUD account in Australia.¹

Taking a look at the exchange rates, there is a difference between what Wise offers and what ASB is giving. This example highlights why it’s important to compare providers; you could end up paying more for the recipient to get less if you don’t.

Save on international transfers with Wise's low fees and mid-market exchange rate

Wise is an easy way to save up to 6x when sending money overseas. You can make extra secure transfers to 140+ countries, which are easy to set up with no physical paperwork and completed usually in seconds.

With low, transparent pricing and the mid-market exchange rate for all your currency conversions for your foreign transfers, you'll usually get the best value for your money. Wise lets you see exactly what you're paying for a transfer, and what the recipient will get, with no hidden fees.

For managing foreign currencies even easier, create a free Wise account, and you'll be able to manage and convert your money in NZD and 40+ other currencies. Plus, you'll get local account details in 8+ currencies, making it easy to receive money from abroad whenever you need. You'll be able to track your transfers all in one place.

When it comes to international transfers, Wise makes things easier and cheaper.

📤 Send money with Wise

FAQs

How long does an international transfer with ASB take?

An ASB international money transfer usually takes one to two business days to arrive, but that’s just an estimate.³ If it hasn’t arrived within 10 business days, they recommend you initiate a search to find out what’s happened.

ASB’s contact information

If you want to speak to ASB about their international transfer services you can try Josie the Chatbot, call them using their current details or visit a branch in person.